Stories for January 8th 2016

The Virginia Commonwealth University (VCU) has signed a memorandum of understanding (MOU) with the University of Havana that will allow the institutions to develop cooperative programs in a variety of academic disciplines.

Prices of major food commodities declined for the fourth year in a row in 2015, averaging 19.1% below their previous-year's levels, as the dwindling global economy also triggered sharp price falls from metals to energy markets.

Brazil state-run hydrocarbons giant Petrobras will reportedly present a five-year investment plan next month with a target lower than the US$19 billion plan announced last year. Despite two budget cuts last year, Petrobras' plans for the 2016 to 2020 period will include a further drop, with the cuts expected to come from onshore and shallow-water areas, according to a report in the Brazilian daily Estado de S Paulo.

The World Bank lowered its forecast for Argentine growth for the next two years, noting it expected the economy to see a large rebound in 2018 thanks to the monetary and fiscal policies implemented by President Mauricio Macri’s administration.

Brazilian president Dilma Rousseff vowed Thursday that her administration would strive for fiscal belt-tightening and look to keep inflation in check in 2016, saying achieving those goals would help lift the economy out of recession.

President Nicolas Maduro is doubling down on his existing economic policies with the appointment of a young leftist hardliner to head the country's dilapidated economy, setting the stage for confrontation between the ruling socialist party and the newly powerful opposition.

Venezuela's government upped the ante Thursday against the new opposition-led Congress with a protest against the removal of images of venerated late populist leader Hugo Chavez and a legal appeal against the swearing-in of three legislators.

Uruguayan President Tabare Vazquez and Argentine counterpart Mauricio Macri agreed on Thursday that their countries will present a joint bid to host the World Cup in 2030, a century after Uruguay was the site of the first tournament.

Uruguay and Argentina presidents Tabare Vazquez and Mauricio Macri made on Thursday several announcements referred to bilateral issues indicating relations between the two neighboring countries have effectively improved following years of tension and misunderstandings with the governments of Nestor Kirchner and Cristina Fernandez.